Real Estate Glossary



  Lease-purchase Option

Nonprofit organizations may use the lease-purchase option to purchase a home that they then rent to a consumer, or "leaseholder." The leaseholder has the option to buy the home after a designated period of time (usually three or five years). Part of each rent payment is put aside toward savings for the purpose of accumulating the down payment and closing costs.

 

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THE SCHACHTE COMPANY
PROVIDING PROFESSIONAL REAL ESTATE SERVICES IN THE CHARLESTON AREA FOR MORE THAN 130 YEARS.


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